Stablecoins, according to Jeff Lewis, a product manager at Pantera Capital, are poised to surpass the initial expectations that many had for cryptocurrencies, as stated by Jeff Lewis, an analyst at Blockworks. Lewis emphasised in a recent letter that the insufficient speed and scalability of Bitcoin impede its prospects of emerging as a feasible substitute for fiat currency. Ethereum, which enables decentralised finance [DeFi], Web3 applications, and non-fungible tokens (NFTs), is nearly as volatile as Bitcoin, rendering it unsuitable for use as a stable currency.

However, stablecoins are designed to facilitate value transfers between peers and enable individuals to safeguard themselves against volatile currencies without the need for intermediary services. Lewis likens the payments behemoth PayPal to a stablecoin due to the fact that it enables users to transmit one-dollar digital ledger entries to merchants and peers around the world for a nominal fee. Additionally, he alludes to the potential existence of a "PayPal 2.0" that is devoid of trust, transparent, and amenable to concessions, despite the fact that PayPal has not made any official declarations regarding such intentions.

Already observed are the proliferation of stablecoins that offer returns derived from investments in the money market, as well as the tokenization of the money market itself. As an illustration, Franklin Templeton introduced a money market fund that records transactions on a public blockchain; one share of the fund is denominated in BENJI tokens, functioning similarly to a yielding stablecoin. Furthermore, JPMorgan has developed applications utilising blockchain technology, while Citi's recently introduced Citi Token Services endeavour to provide clients with round-the-clock access to automated trade finance solutions, tokenized deposits, and cross-border payments.

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